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20121202
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the fiscal cliff. right after the election wall street dropped 5% when everybody suddenly focused on the fiscal cliff and realized that this was a problem. but since then it's kind of bumped along at this sort of level. i don't think wall street is at all sanguine about the idea that if we went over the fiscal cliff, life would go on as we know it and everything would be fine. >> one of the things that was really interesting to me to bear out that point is ken conrad yesterday who's been so down, i mean, he's leaving the senate. he's done this for seven years. they can't produce deals. and yesterday when i interviewed him, joe, he said i think we're going to make this. i think the boehner offer had significant indicators that something here is going on, and they're going to come together. >> also, kent conrad, a guy -- i've loved him for a long time, deficit hawk. they haven't allowed him to put a budget out for years. he's growing frustrated. i'm sure he's going to be glad to leave. but i was surprised by that as well. you see also, sam stein, republicans are now starting to real
at that time. the republicans held a lot of the cards. this time it's very different. president came off the re-election. that's why you see the president holding the hard line. a lot of pressure on the president to hold his hard line even from his left. i think you'll continue to seat president do so. it's going to be up to the republicans to feel whether he has enough pressure, i think the white house is encouraged that some republicans have broken ranks and are starting to say let's look at other opportunities to maybe raise rates. >> we'll talk about the ultimate in breaking ranks if you will. molly, i want to ask you about the surprising resignation of tea party favorite jim demint. it seems kind of sudden. why now? >> everybody was surprised about this. but i seems in the aftermath of the election the republicans are still in the minority of the senate. demint was in the minority of the minority. that's not a very powerful place to be. demint always known as a bomb thrower, someone who liked to make trouble. he figured he's probably correct about this he could have more power and influence and be
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